With 12,000 Americans turning 50 every day, many doctors are expanding their existing practices by adding non-reimbursable medical aesthetic procedures. This is the fastest growing segment of the population; and there is no shortage of Baby Boomers who want to stop aging and look fabulous.
There is no doubt that utilization of aesthetic and cosmetic procedures has increased. To date, over $30 billion has been spent on anti-aging products. According to the American Society for Aesthetic Plastic Surgery, non-surgical procedures in 2006 increased 50% from 2003. The big winners are:
- Laser skin resurfacing (up 352%),
- Hylaform/Restylane fillers (up 928%)
- Laser hair removal (up 60%)
Physicians are finding their declining incomes make it increasingly difficult to save for the future, and sound investment opportunities are difficult to find. Physicians need to find a way to expand the scope of their practice.
The growing demand for personal attention and service in medicine may provide opportunities for physicians who see the benefit of addressing the need for medical aesthetics. Patients are increasingly dissatisfied with managed care medicine which makes accessing health care services difficult. Many are paying “out of pocket” to see physicians who are willing to make themselves more accessible. Plastic surgeons have long realized the need to create a more appealing, service focused environment to satisfy the demands of their clients. Your practice could do the same.
Adding medical aesthetics is a natural progression of medical practice expansion, having a medical doctor run them gives them the credibility and public confidence needed for their long-term success.
For more information on medical aesthetics courses, contact The Aesthetic Institute of Massachusetts.